Iraqi oil export proceeds hit $8.6 billion

Baghdad has exported nearly $8

Baghdad has exported nearly $8.6 billion in crude oil since last year's invasion of Iraq, the US-led authority governing Iraq said.

The Coalition Provisional Authority had deposited a total of $8.59 billion in its Development Fund for Iraq as of last Thursday.

Of the total oil proceeds put in the fund since it was set up on May 28th, 2003, $319 million was deposited during the week ending last Thursday, compared with $416 million the previous week, according to the provisional authority's website.

Under a May 2003 UN Security Council resolution, the Coalition Provisional Authority is required to deposit all the proceeds of Iraqi oil exports into the fund.

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The resolution was intended to ensure Iraq's secretive US-led civil administration was not engaged in any dubious practices in marketing the oil and was using the proceeds for reconstruction.